Why is Demand for Protein Extracts from Single Cell Protein Sources Booming?

With the surging requirement for animal protein, on account of the booming population of livestock and cattle, including sheep, goat, and buffalo and mushrooming production of animal feed, the demand for protein extracts from single cell protein sources is rising sharply. As per the International Feed Industry Federation (IFIF), around one billion tonnes of compound feed were produced across the world in 2016. The increasing production of compound feed is pushing up the requirement for protein from various sources, such as animal, microbes, and plant.

Moreover, the use of several alternative protein sources, such as chlorella and spirulina, is also rising explosively and the players operating in the protein extracts from single cell protein sources market are developing alternative proteins for replacing animal- and plant-based proteins, because of quality and safety concerns. Besides, the launch of several initiatives by various organizations for raising the awareness of consumers about the benefits of proteins, such as chlorella and spirulina is also driving the demand for protein extracts from single cell protein sources.

Owing to the aforementioned factors, the revenue of the protein extracts from single cell protein sources market is predicted to surge from $5.3 billion in 2017 to $8.7 billion by 2023. Furthermore, the market will demonstrate a CAGR of 8.6% from 2018 to 2023. Depending on source, the market is divided into bacteria, fungi, yeast, and algae. Amongst these, the algae category is predicted to exhibit the fastest growth in the market in the coming years.

This is credited to the surging use of commercialized algae-based chlorella and spirulina in several industries, such as pharmaceutical and biotechnology, agriculture, animal feed, cosmetic, and food and beverage. Biotechnology, animal feed, and agriculture and fertilizers are the major application areas of protein extracts from single cell protein sources. Out of these, the usage of these extracts was found to be the highest in animal feed in 2017. This was because of the large-scale production of animal feed, owing to the large population of buffalo, livestock, and cattle.

Geographically, the protein extracts from single cell protein sources market will demonstrate the highest CAGR in the Asia-Pacific (APAC) region in the upcoming years, as per the estimates of the market research firm, P&S Intelligence. This is attributed to the surging animal feed production in the regional countries. In addition, the soaring livestock production rate is propelling the requirement for proteins and other nutrients, which is subsequently fueling the growth of the market in the region.

Thus, the demand for protein extracts from single cell protein sources will shoot up in the upcoming years, mainly because of the increasing animal feed production, mushrooming population of livestock and cattle, and soaring requirement for alternative protein sources.

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